EUR / GBP is approaching its five-year uptrend at 0.85885 as the April low of 0.8671 has been left behind, explains Karen Jones, FICC Technical Analysis Research Team Leader at Commerzbank. It further notes that the cross will remain under pressure as long as it is below the 0.8732 level.
Key statements:
“EUR / GBP slid below the April low of 0.8671 with ease and our focus is on the 2016-2021 uptrend at 0.8586 / 85.”
“Initial resistance is the accelerating downtrend at 0.8732 and this is the low that must be broken to relieve immediate downward pressure. Above here is 0.8864 / 61 (June, September and November lows), while here the general attention will remain downward. “
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